Just bought 20K of BRLZ to put in my back pocket. It has come back to the .02-.03 range and there is now an LOI from early eb. that should be consummated soon IMO. They had the 'E' for a period o time ater this, and filed and lost it. IMO, this is bottom floor. Went to .20 just on the LOI. Should easily do this with confirmation on the deal. Yes, there is a R/S, but rom what I hear, the merging co. is one worth owning.
Wednesday February 7, 11:37 am Eastern Time
Press Release
Biorelease Corp. and Electric Energy Storage Corp. Sign Letter of Intent
MANCHESTER, N.H.--(BUSINESS WIRE)--Feb. 7, 2001--BIORELEASE CORP. (OTCBB:BRLZ - news) announces the signing of a letter of intent pursuant to which Biorelease would reverse merge with ELECTRIC ENERGY STORAGE CORP., a Nevada corporation (``EES''). As part of the proposed transaction, the name of Biorelease is to be changed to ``ELECTRIC ENERGY STORAGE CORPORATION'' and the current management team of Biorelease will resign and be replaced by EES's management team.
The letter of intent provides, among other things, that Biorelease will first issue enough shares to transfer control of Biorelease to EES management. Thereafter, Biorelease is to reverse split its outstanding common shares on a 1 for 12 basis and is to spinoff or otherwise dispose of its wholly-owned subsidiary (and only operating company) Biorelease Technologies, Inc. Holders of record on March 31, 2001 will be eligible both for the reverse merger and the spin off of Subsidiary shares held by Biorelease. To acquire EES, Biorelease would issue to the EES shareholders a total of 35,800,000 post-reverse split shares. After the reverse stock split, and upon the issuance of common shares to the shareholders of EES, Biorelease would then have approximately 38,900,000 shares of common stock issued and outstanding, of which 35,800,000 shares would be owned by EES shareholders.
The completion of the proposed transaction is subject to, among other things, satisfactory due diligence by both BRLZ and EES, the signing of a definitive agreement, approval by the shareholders of EES and the filing of an information statement to the Biorelease holders as of the record date. If at the completion of the transaction EES fails to qualify for a listing on NASDAQ small cap, the number of shares to be issued to EES will be reduced by 5,900,000 shares. Should EES fail to raise at least $5,000,000 in its proposed private offering, the number of shares to be issued to EES shareholders will be further reduced by up to an additional 2,000,000 shares, thus reducing the total shares issued to EES from 35,800,000 shares to 27,900,000 shares.
EES, a development stage corporation, was formed to investigate and bring to market, facilities that can economically store electricity in a manner commercially compatible with the United States electric power grid (``the Grid''). In December, 2000, EES acquired an exclusive US license for certain ``High Capacitance Energy Storage Device Technology'' from Elgin Investments of Toronto, Canada. This licensed technology, along with other technologies under review by the Company, will form the core technology from which EES hopes to commercially demonstrate storage of off peak power to be released onto the Grid during periods of peak demand. EES has acquired land adjacent to the Grid in Houston Texas. Upon completion of fundraising activities currently underway and the completion of its strategic plan, EES expects, in conjunction with one or several power producers, to construct a storage facility on this parcel which will, if successful, demonstrate the commercial and economic feasibility of its proprietary storage technology. EES has had no revenues since inception.
BRLZ, based in Manchester, NH, is engaged, on a limited basis, in the development and licensing of biotechnology-related products. BRLZ is a fully reporting publicly traded company whose common stock is traded over-the-counter on the Electronic Bulletin Board (OTCBB) under the symbol ``BRLZ''.
This press release may contain forward looking statements that involve risks and uncertainties which could cause the actual results to differ materially from those intended or anticipated by the company. No stock exchange has approved or disapproved the information contained herein.
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Contact:
Biorelease Corp.
R. Bruce Reeves, 603-641-8443 Ext. 15
AI
